In times of financial crisis, the last thing you’ll want to do is start digging through the couch cushions for coins. Especially if you have a family. The stress of military life impacts families in unique ways and having a financial safety net in place can ensure that you’re protected when a financial emergency arises. One way to accomplish this is by setting up a cash reserve, a pool of readily available funds that can help you meet emergency or highly urgent short-term needs. Here’s how to get one started.
Your first step in repairing poor credit should be to obtain a copy of your credit report. The three major credit reporting agencies are Experian, Trans Union, and Equifax. You can obtain a copy of your report by contacting these agencies by phone, by mail, or through their websites. Check the report carefully for any errors and make sure that all the information contained in the report is correct.
Do you sometimes lie awake at night thinking about bills that need to be paid? Does it feel as though you’re drowning in debt? If this describes you, you might take solace in the fact that you’re not alone. A recent report released by the American Psychological Association (APA) showed that 72% of adults feel stressed about money at least some of the time, and 22% said the amount of stress they experienced was extreme.1
Now that we’ve made it through tax season and military families may be taking summer vacations, it’s a great time to take a look at your finances to ensure things are on track for the year. Planning opportunities are few and far between later in the year, so now is an ideal time.
Current members of the U.S. Armed Forces face unique challenges and circumstances. Not only have they been tasked with the great responsibility of protecting our country, they must also provide for their own financial well-being and that of their families. Here we discuss the Higher Education Opportunity Act and Post-9/11 GI Bill available to help servicemembers pay for college costs that may not be available to civilians.
Military members are given numerous tax breaks. One such benefit is the Military Family Tax Relief Act of 2003. On November 11, 2003, President George W. Bush signed the act (H.R. 3365), providing specified tax relief to members of the Armed Forces. A summary of the legislation that directly impacts military tax returns is provided.
When you envision retirement, you probably see yourself living comfortably, doing what makes you happy. Your dreams could be as lofty as traveling the world or as simple as spending more time with your friends and family. Everyone’s vision is unique.
Determining your retirement income needs is a process that helps you identify your retirement planning needs based on your desired standard of living and the resources you’ll have available. Today, you can typically no longer rely on Social Security benefits and a military pension check to fulfill all your retirement income needs.
Life insurance is a way to protect your loved ones financially after you die and your income stops. Military families have special circumstances to consider while deciding on life insurance protection.
Social Security is a federal system of programs designed to protect individuals and families against economic hardship. Most Americans work in occupations covered by the Social Security system, and they will at some point in their lives receive Social Security benefits.